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dc.contributor.authorBasu, Susantoen
dc.contributor.authorPascali, Luigien
dc.contributor.authorSchiantarelli, Fabioen
dc.contributor.authorServen, Luisen
dc.date.accessioned2010-02-01-
dc.date.accessioned2010-07-07T12:04:00Z-
dc.date.available2010-07-07T12:04:00Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/35902-
dc.description.abstractWe prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies TFP as the right summary measure of welfare (even in situations where it does not properly measure technology) and makes it possible to calculate the contributions of disaggregated units (industries or firms) to aggregate welfare using readily available TFP data. Based on this finding, we compute firm and industry contributions to welfare for a set of European OECD countries (Belgium, France, Great Britain, Italy, Spain), using industry-level (EU-KLEMS) and firm-level (Amadeus) data. After adding further assumptions about technology and market structure (firms minimize costs and face common factor prices), we show that welfare change can be decomposed into three components that reflect respectively technical change, aggregate distortions and allocative efficiency. Then, using the appropriate firm-level data, we assess the importance of each of these components as sources of welfare improvement in the same set of European countries.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x4612en
dc.subject.jelD24en
dc.subject.jelD90en
dc.subject.jelE20en
dc.subject.jelO47en
dc.subject.ddc330en
dc.subject.keywordProductivityen
dc.subject.keywordwelfareen
dc.subject.keywordreallocationen
dc.subject.keywordtechnologyen
dc.subject.keywordTFPen
dc.subject.stwWohlfahrtseffekten
dc.subject.stwWohlfahrtstheorieen
dc.subject.stwProduktivitäten
dc.subject.stwTechnischer Fortschritten
dc.subject.stwAllokationseffizienzen
dc.subject.stwMarktstrukturen
dc.subject.stwTheorieen
dc.subject.stwSchätzungen
dc.subject.stwBelgienen
dc.subject.stwFrankreichen
dc.subject.stwGroßbritannienen
dc.subject.stwItalienen
dc.subject.stwSpanienen
dc.titleProductivity, welfare and reallocation: theory and firm-level evidence-
dc.type|aWorking Paperen
dc.identifier.ppn617482764en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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